COP29: World Climate Action Summit – Day 2

Climate Finance

A 34-page early draft of the New Collective Quantified Goal on climate finance was circulated, reflecting the projection of COP29 as being the “Finance COP”. The draft outlines potential approaches for structuring the climate finance goal and recommends that countries cease using climate finance to support fossil fuels.  One of the main objectives of the summit is to create an agreement for “climate-related transfers” from richer to poorer countries.

Speeches

Italian Prime Minister Giorgia Meloni, the only other G7 leader present apart from UK Prime Minister Keir Starmer, advocated that nuclear fusion power could be a potential “gamechanger” but noted that “technology neutrality is the right approach, as currently there is no single alternative to fossil fuel supply”. 

Meanwhile, world leaders of small states, emphasized that richer countries need to deliver. The Prime Minister of Antigua and Barbuda, Gaston Browne, emphasized that for “nations like mine” climate change is a “daily, devastating reality” and that richer countries need to deliver. The Albanian Prime Minister asked “what the hell are we doing at these summits?” 

Muhammad Yunus, the interim leader of Bangladesh, used a press interview to strongly criticize the global north for its role in the climate crisis. Yunus, known as the "banker to the poorest of the poor," emphasized that countries responsible for global heating should provide the necessary funds to address the crisis, rather than engaging in negotiations, which he described as "humiliating" for poorer countries. The High Ambition Coalition, a coalition that includes countries like Canada, France and Germany, issued a statement intended to offer some comfort, which reiterated that “developed countries must continue to take the lead and live up to existing finance commitments”. 

Brazil Presented New Climate Change Plan

Brazil, the host for COP30, formally submitted its new national action plan. The plan includes a pledge to reduce emissions by between 59 to 67% compared to 2005 levels by 2035 and focuses on combating deforestation .  The plan was welcomed by Simon Stiell, the Executive Secretary of the United Nations Framework Convention on Climate Change, as showing that “climate action is on the rise”.   

Minerals Demand

Talks turned to the issue of how demand for minerals can be managed, at a discussion on the work of the Panel on Critical Energy Transition Minerals. UN Secretary-General António Guterres said demand for minerals is expected to surge. However, Guterres warned that this must not trigger a “stampede of greed” by richer countries. 

Cancellations and Withdrawals

French minister Agnès Pannier-Runacher cancelled her trip following a controversial speech criticizing France’s actions in its overseas territories by Azerbaijan’s President Ilham Aliyev. Pannier-Runacher described the speech as “unacceptable” and a “flagrant violation of the code of conduct” for the UN climate talks. France will maintain a negotiating team in Baku, but the withdrawal means they will not be represented by a senior-level political official. 

The number of delegates and leaders from G7 countries has decreased compared to COP28 in Dubai. 

Argentine negotiators representing the government of Javier Milei have also been ordered to withdraw from the summit.

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